Honduras joins the list of likely countries to follow in El Salvador’s footsteps and adopt Bitcoin as the official legal tender, in other words, making it an official currency. The neighboring country has already made its first steps towards this adoption by bringing Bitcoin to Honduras Prospera.
Honduras Prospera is a small area of the country established in 2020 that should serve as an economic hub, with its own autonomy, in order to attract investors and entrepreneurs. Located on the island of Roatán, it should not only pose as a tropical paradise but also a place for futuristic enterprise.
The Honduras Prospera officials are positive about the area providing a perfect infrastructure for cryptocurrency adoption. “Prospera’s flexible regulatory framework enables crypto-innovation and the use of Bitcoin by residents, businesses, and governments,” they said.
Even though Roatán is the first of many such hubs currently in the planning, the Central Bank of Honduras stays cautious about adopting crypto as the official legal tender for the entirety of the country. It has stated that it cannot provide any backing for cryptocurrency, saying:
“Any transaction carried out with this type of virtual asset falls under the responsibility and risk of the person carrying it out.”
We have yet to see how this Honduran “experiment” carries out, but one thing is clear, this is yet another step forward in global crypto adoption. The community is hopeful that the Prospera officials and the Central Bank will be able to work out their differences eventually.